Trucker Tax Tips & Deductions

Discussion in 'Trucker Taxes and Truck Financing' started by WiseOne, Apr 2, 2007.

  1. WiseOne

    WiseOne Inactive contact bullhaulerswife

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    Hi all, we are going to try and start a section here for trucker tax tips. Owner Operators face far more challenges, come tax time, than company drivers...but ALL truckers can save more money by doing their taxes better.
     
    Last edited by a moderator: Oct 12, 2011
    Candyman1970, SJArmyWife, RBPC and 3 others Thank this.
  2. buck and a half

    buck and a half <strong>Mr. Miles & Miles with Many Smiles</strong

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    great decision ,wise one,really interesting subject to get into. I hope we get a great commentator for this subject. thks.
     
  3. Tip

    Tip Tipster

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    Taking your per-diem deduction is the best move of all for anybody who does OTR, TL driving. Save your logbooks, though. You'll need 'em in a year or two if the IRS comes calling to audit you.

    What is the per-diem allowance per day now? Like 55? If so, that's a $15,000+ deduction, making it around 3x the standard deduction.
     
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  4. Roadmedic

    Roadmedic Road Train Member

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    The Per Diem Rate is 52.00 a day. IRS allows truckers subject to DOT to get 75% of this deduction. It can be taken as itemized deduction subject to 2% or on Schedule C by owner/operator.
     
  5. WiseOne

    WiseOne Inactive contact bullhaulerswife

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    That is true, it is $52/day for this year. Thanks, RoadMedic.
     
  6. buck and a half

    buck and a half <strong>Mr. Miles & Miles with Many Smiles</strong

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    Yep 52 usa ,but,if you run canada you can deduct 58 a day on the days you are in canada,don't forget the half days,if youhave a half on the start of the week and another half at the end etc,you can claim that, be sure and keep your log books as proof.
     
    buddy_bill and KID GRAVITY Thank this.
  7. martinez

    martinez Bobtail Member

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    Where can I find information on what a driver can and cannot claim as a tax writeoff?
     
    Buzzard2157 Thanks this.
  8. WiseOne

    WiseOne Inactive contact bullhaulerswife

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  9. martinez

    martinez Bobtail Member

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  10. paramore

    paramore Bobtail Member

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    You can deduct kleanex, toilet paper, napkins, plastic forks spoons knives, paper towels, cds, dvd, Eye glasses, contacts, drivers licenses these are a few more items that can be deducted.
     
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